1. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter July 2011 – Version 1 written by : Wilfried THERON DISCLAIMER : System Plus Consulting provides cost studies based on its knowledge of the manufacturing and selling prices of electronic components and systems. The given values are realistic estimates which do not bind System Plus Consulting nor the manufacturers quoted in the report. System Plus Consulting is in no case responsible for the consequences related to the use which is made of the contents of this report. The quoted trademarks are property of their owners. 9 rue Alfred Kastler - BP 10748 - 44307 Nantes Cedex 3 - France Phone : +33 (0) 240 180 916 - email : info@systemplus.fr - website : www.systemplus.frwww.systemplus.fr 1

2. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Table of Contents 1. Overview / Introduction……………………….…...…3 –Introduction –Main Features –Specifications overview of the inverter –The course of the analysis 2. Physical Analysis………………………………...…...8 –Views and dimensions of the inverter –Inverter Opening –Identification of the parts –Electronic Board – Top Side - Global View –Electronic Board – Top Side - High Resolution Photo –Electronic Board – Top Side - PCB Markings –Electronic Board – Top Side – Main Components Markings –Electronic Board – Top Side - Main Components –Electronic Board – Top Side - Discrete Components –Electronic Board – Top Side – Other Components –Electronic Board – Bottom Side - Global View –Electronic Board – Bottom Side - High Resolution Photo –Electronic Board – Bottom Side - PCB Markings –Electronic Board – Bottom Side – Main Components Markings –Electronic Board – Bottom Side - Main Components –Electronic Board – Bottom Side - Discrete Components –Electronic Board – Top Side – Other Components 3. BOM Cost……….…………………………………………..…..37 –Assessing the BOM –Estimation of the cost of the PCB –Estimation of the cost of the ENPHASE MB87S3051 –Estimation of the cost of the Electronic Board –Assessing the Housing, Mechanical Parts –Material cost breakdown 4. Added Value Cost………………... …………………………...50 –Assessing the Added Value (AV) cost –Electronic Board Manufacturing Flow –Electronic Board Hourly Rates and Cadencies –Details of the Electronic Board AV Cost –Details of the System Assembly AV Cost –Details of the Final Functional Test AV Cost –Added Value cost breakdown 5. Estimation of the selling price……………………………….60 –Manufacturing Cost Breakdown –Estimation of the Selling Price 6. Conclusion…………………………………...………………….67

3. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Inverter Opening 3 Grounding Cable Hook Top Cover Housing Screw Phillips Diam. 5mm Height 18mm with washer Screw Torx10 Diam. 3mm Height 18mm (x8) Serial Adhesive Label Aluminum Disk Plug (Big) Aluminum Disk Plug (Small) Note : the Aluminum disk Plugs are used for the epoxy resin potting step to fill the holes. Back Cover Housing Note : the Back Cover Housing is completely filled with epoxy resin.

4. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Inverter Opening 4 The epoxy resin has been removed manually, meticulously, using the blade of a scalpel, to avoid damaging the components and their markings. Image intentionally blurred

5. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Inverter Opening 5 Due to the epoxy resin potting on the other side of the Electronic Board, it was impossible to remove the Electronic Board from the Back Cover Housing without cutting the Back Cover Housing. Due to the epoxy resin potting on the other side of the Electronic Board, it was impossible to remove the Electronic Board without cutting the Back Cover Housing. Back Cover Housing (cut in several parts) Bottom side of the Electronic Board which is fully covered by epoxy resin potting.

6. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Inverter Opening 6 For the bottom side, the epoxy resin has been removed manually too. Image intentionally blurred

7. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Electronic Board – Top Side – Main Components 7 Fairchild Ref. xxx Fct xxx Texas Instruments Ref. xxx Fct xxx STMicroelectronics Ref. xxx Fct xxx) STMicroelectronics Ref. xxx Fct xxx Silicon Labs Ref. xxx Fct xxx Enphase Ref. xxx Fct xxx Epcos Ref. xxx Fct xxx Image intentionally blurred

8. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Estimation of the cost of the ENPHASE MB87S3051 8 The cost of the ENPHASE MB87S3051 has been estimated with our IC Price+ software.IC Price+ The cost of an Integrated Circuit varies according to the used technology as well as the size of the die and a lot of parameters such as number of metallization, manufacturing yields, test durations, functional blocks, … ENPHASE MB87S3051

9. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter 9 Die dimensions : x.xxmm x x.xxmm = xx.xxmm². Main blocks: xxx Technology: xxx Wafer fab unit: xxx Markings on the die Estimation of the cost of the ENPHASE MB87S3051 ENPHASE MB87S3051 Image intentionally blurred

10. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Estimation of the cost of the ENPHASE MB87S3051 10 Results calculated by IC Price+ Software for the circuit: We have estimated that in 2011, the manufacturing cost of the component will be $x.x. The selling price is estimated to $x.x for 1 million units in 2011.

11. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Electronic Board – Bill of Material 11

12. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Material cost breakdown 12 The Electronic and Electrical components represent xx% of the total material cost of $xxx.

13. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter In circuit test (possible rework) From the Screen Printing step to the Optical Test : these manufacturing steps are carried out in serial (the slowest equipment causes an additional immobilization of the other equipment). The Functional Test and Conditioning are carried out independently. Electronic Board Manufacturing Flow 13 Manual Placement of Through Hole Components Wave Soldering Same operations for the 2d side

14. © 2011 by SYSTEM PLUS CONSULTING, all rights reserved.SYSTEM PLUS CONSULTING Enphase M215 Microinverter Details of the Electronic Board AV Cost 14